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. >> on to business news now, the german economy contracted in the final quarter of last year as the eurozone crisis took its toll, but europe's biggest economy still managed to post modest growth of 0.7%. >> that may not sound like much, but it is more than you expect from most eurozone economies. >> the eurozone crisis has not been able to dampen the mood among eurozone consumers. they are still hitting shops and helping the economy grow modestly. >> despite big increases in the cost of energy, raw materials, and oil, private consumption is up. that is the first reason. the second is that the german economy remained competitive last year despite a weaker environment, and that has given exports a boost. >> exports are the backbone of the german economy. they continued to grow last year, albeit at a slower rate. companies are proceeding with caution. they are cutting investment amid uncertainty about what the new year will hold, especially for the eurozone. in 2011, the german economy grew by 3%. that figure dropped to 0.7% last year. the economy even contracted in the final quarter. the government
parties are. >> they are going with the american economy and the global economy. closer you get to the fiscal cliff, i think the less likely it is that the u.s. will be funded over and. >> okay, let me ask about tax reform. mutual political last week that a balanced approach to placing the sequester with benefits and revenues should accelerate tax reform, and i believe it's fully possible this year we work on a bipartisan basis. how does that square with the people that say that the tax reform is going to lose out because of scheduling and needing to deal with the debt ceiling and the looming sequester and house republicans concerned that if they do anything on tax reform, that they may leave themselves open to the senate not taking action. therefore, they have taken in on popular vote for no reason. >> first of all we have to solve this debt crisis in terms of sequestration and in terms of the full faith and credit of the u.s. and. we are not going to accomplish tax reform in the next six weeks. so we have a deadline that cannot basically be moved for what we need to do in the
our economy, we can keep the sales tax flat at its current level and cut income taxes on our lower income working families to 1.9% and drop the top rate to 3.5%. this glide path to zero will not cut funding for schools, higher education or essential safety net programs. and for those who come to kansas or stay in kansas because of lower taxes, let me tell you, opportunities abound. an all-time record of more than 15,000 new businesses formed in 2012, a sign of strong economic growth. we are, as you know, the air capital of the world. our aircraft industry is back on the ascent, and southwest airlines is soon to land in wichita. we are the nation's breadbasket and its meat counter and are becoming its dairy section as well. our oil production is hitting a high not seen in more than a decade with billions of dollars of a new vertical and horizontal drilling. we are number one in new wind investment with nearly $3 billion of new investment last year alone and more to come. our rapidly growing animal health sector that stretches from k-state in manhattan to johnson county grabs a 30% o
and the economy. >> it's my pleasure to welcome you here to the brookings institution on a soggy day. it's not too hard to come in from outside on a day like this. this is the fifth growth through innovation forum that we have held at brookings but i'll give you a little background in a minute. it's the third one that we are conducting publicly. the phrase growth through innovation is an important part of the vocabulary to at brookings. we have what we call for institutional priorities under which we try to cluster all of the work that are more than 100 scholars do here. those for priorities are energy and climate, opportunity and well being, managing global change, and growth through innovation. this is i think exactly the right moment to be having today's event. we are in a period of transition in our national leadership here in the capital, of course. we have a new treasury secretary, chief of staff coming in. we'll be having a new commerce secretary, labor secretary, and, of course, the 113th congress is settling in on capitol hill. the forum is going to address the issues of how to reinvigora
's happening in the political world and the economy which we're in. the situation with the gun violence is very close to home, because i do enjoy -- even though i'm 60, i still go out and hunt and shoot a deer and kill a turkey to eat. host: thank you very much. by the way, the full presentation by the president yesterday, you can certainly watch atlanta cspan.org. good morning, what kind of work do you do? caller: i'm in the mental health field. each level of the patients have had different mental health issues. and i have really been waiting for this issue to come up, because that's what concerns me the most. i have worked with people that have multiple personalities. we have been scared to death. they pick beds up. they have tremendous anger in there. i don't think they get the proper care that they need. and after a while, they're released and that is something that i'm really concerned with. it's not about who is able to get a gun, who is able to have a gun. that's not the issue right here. the issue is that we have to start dealing with people with mental health issues. i have worked in a
, the first priority, bob, is obviously to continue to grow the economy, focus on the middle class, and getting people in the middle class. that's the core mission of the country. we've, obviously, are beginning to recover from the recession, but we have a lot more work to do. but if you look at some-- yes, we have some political divisions in this country. there's vast support out there for balanced deficit reduction, investments in education and manufacturing, immigration reform, gun safety. so on the issues the president intends to really push and focus on, there's massive support in the country, even among republicans. let's not lose sight of that, and that's why we're going to do a better job in the second term-- while we're going to do all we can to work with congress and negotiate, to also make sure the american people are connected to what's going on here. i think to really get the kind of change here in washington the american people are going to demand it. but there is really, i think, consensus around eye lot of the issues around the country >> what about the idea the rep
's stories. the big one, china aes economy rebounding in the final quarter of to 12. growth to 7.9%, up from 7.4% the appreciate quarter. economists do caution, though, that a chinese recovery is likely to be gradual and weak to drive a global rebound without improvement in the u.s. and europe. also, the fate of dozens of hostages in algeria is still unknown. the algerian military stormed a gas field where the workers were being held. six people if not more are believed to have been killed. >>> a team of experts from boeing and the aviation experts are arriving in japan today. today the japan transportation safety board released a picture of the battery. they said the battery was blackened and carbonized, had a bulge in the middle and weighed 11 pounds less than normal. >>> and the interview everybody is talking about, i stayed up late to watch it, lance armstrong telling oprah that he cheated. >> in all seven of your tour de france victories, did you ever take banned substances or blood dope? >> yes. i view the situation as one big lie that i've repeated a lot of times. i'll spend the rest
demonizing the banks. they've not destroyed the world's economy for over four years. the attacks keep coming. hsbc targeted bay justice department witch hunt over a few minor infractions. >> hsbc admitted today that it covered up illegal transactions for burma, iran, sudan, cuba and libya. those nations were under banking sanctions because of human rights atrocities, terrorism or in iran's case, a nuclear program. >> stephen: big deal. [ laughter ] it's not like hsbc was the one enriching plutonium, they were just enriching themselves. there's just one other thing. >> it laundered more than $800 million for mexican drug cartels. >> hundreds of thousands of u.s. dollars daily deposited to hsbc mexico using boxes specially made to fit through tellers windows to speed transactions. >> stephen: okay, but how was hsbc supposed to know the big specially made boxes the cartels were dropping off were full of drug money? they could have just as easily been filled with human heads. [ laughter ] turns out it was drug money and once they were caught, hsbc was slammed with a $1.9 billion fine. $1.9 billi
the key message of deep spending cuts, not the message that deep spending cuts will help grow the economy and help create jobs. . . but i did hear no budget, no pay, aimed at democratic senators but then deemed unconstitutional, and an extension of the debt ceiling for about three months which is okay. . it doesn't really go to the heart of the matter. we're going to have a report on this whole story in just a moment. . meanwhile, better news, the stock rally continues up 54 points on the dow, 161 points for the week. get this, a 35% gain in the broad s&p 500. . just since early october 2011. that's right. it's like a stealth rally. it keeps on moving. we'll talk to a leading investment ceo a bit later in the program. . first up, in williamsburg, virginia, today, house republicans have agreed to take up the plan next week to extend the debt ceiling with some conditions. i think that's boring and uninspiring. let's go to the source of this cnbc contributor robert costa. . . i think it's boring, boring, boring. you tell why this is a great. are not attached to this proposal. very three mont
know, as the economy has gone down there's been more homicides in the area where i live and i see it happening in more places. >>> the president talked forcefully he will not negotiate about the debt ceiling. let me play what one of your republican colleagues told me about that yesterday. >> would you be willing if you don't get the cuts that you think are necessary, would you be willing to go into default or shut down the government? >> i think there is a way to avoid default, if it requires shutting down certain portions of the government, let's like at that. >> are you worried about a shutdown or worse, are you worried about default? >> i'm worried about both. default is like saying i ran up my credit card and now i'm not going to pay you it's going to be bad for the united states. i think we need to pay our xwils. that's the first thing. with respect to shutting down the government so we save money. we know anytime we shut down the government, we actually spend more money in the long run. i do believe we need or national parks or rangers there. i do believe that it is importan
the value of my house. the economy went south on us. now the banks are sending us these low interest rates. i go back to refinance the house or remorse reached the house at 6.75%. bank tells me i do not make enough income or income to debt ratio for the house. i do make enough to pay the 6.75%. if the given the lower rate, i would be saving $1,000 a month. what can be done about that? guest: there are many, many borrowers who are having trouble refinancing their home loans. i hear from a lot of them. it is a real problem. we had a pendulum that had swung out into the wild west or anybody that was breathing got a mortgage. now it has swung the other way. the banks are being ultra cautious and requiring owners disclosures and very conservative income levels. i think there is an element of your story that questions -- does the bank wanted about the 6.75% interest that you're paying on your mortgage. that is a rich interest level in this environment. you have to wonder if the bank isn't holding on to your loan to maintain that high level of interest. i wonder if the might be worth your while t
in the united states doesn't have a lot of influence on the economy, but the tax hike on the working men and women, 120 million people, that 2% payroll tax is a killer, and that is all consumption of some. people spend the mone money thet have it, they reach into savings. that was a mistake, it was bad policy. i took growth down in the u.s. by half a point. lori: and you are telling us the economy has all the potential to break out. how much o ahead when will this fiscal policy have? is there any way to recoup it? any offsetting factor? >> unless washington changes its behavior. which is not likely. then the answer is no. we have this gradual recovery. it looks all right over time, has good pieces to it, energy, housing, the banking sector actually may be getting better. lori: must be a mistake on our washington leaders, what if they can achieve a grand bargain, get entitlement reform and we can sustain this debt to gdp level for the time being we can get to underlining measures. >> it would be a glorious outcome. lori: are you optimistic at all it will happen? >> i would like it to happ
automatically because our debt is going to grow along with our economy from year to year. especially it's going to grow in times when we need to spend a little more to juice our economy. but you know, bernanke has very little credibility with the republican party because republican leadership last year actually sent letters to him saying stop with your quantitative easing and your other extraordinary measures to juice this economy. they're already angry at him, so him saying we should from the debt ceiling is not going to do anything in congress. >> part of the problem is the debt seems to go up and good times and bad times and no one ever seems to have the courage to cut it, but it's a very bipartisan thing in terms of raising it. 76 times it's been raised since 1962. and the number one president in terms of raising it, the winner is ronald reagan at 17 times. that might shock people who like to see him as the paragon of responsible spending. >> we'll start with the deficit, shrinking more rapidly than at any time since the end of the korean war. in the end of december, we had a deficit for th
the economy. >> we talk to white house strategist david plouffe and our powerhouse roundtable, abc's george will, matthew dowd and cokie roberts plus former michigan governor, jennifer granholm, for the democrats and former presidential candidate rick santorum for the republicans. ♪ plus, how will the inaugural set the tone for the second term? we ask the star co-chairing the president's committee. eva longoria joins us live. >>> hello again, and welcome to inauguration day. it is, in fact, today. the constitution says a president's term ends at noon on january 20th, and the official proceedings have already begun. just moments ago, vice president biden took the oath at the naval observatory. supreme court justice sonia sotomayor swearing him in and just before noon chief justice john roberts will swear in president obama, a small private ceremony at the white house in advance of tomorrow's public event. about 800,000 expected right there at the national mall tomorrow far fewer than turned out four years ago for the first inaugural for president obama even everything just about set on the
escalates the fight on the w economy. is the debt ceiling negotiable? your thoughts? send us a tweet or post your comment on facebook. you can also send us an e-mail. president obama held his last official news conference of the first term yesterday in the east room of the white house. here's what he had to say on the debt ceiling debate. [video clip] >> republicans and congress have two choices. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect ransomed in exchange for not crashing the american economy. the financial well-being of the american people well-being is not a leverage to be used. the full faith and credit of the united states is not a bargaining chip. they had better choose quickly, because time is running short. the last time republicans in congress even flirted with this idea, r. triple-a credit rating was downgraded for the first time in our mystery, our businesses created the few jobs in any month in nearly the past three years, and the whole fiasco added to the deficit. ho
sensitive to the economy commodity in the world. ip took out a lot of capacity. ip is a genius. this company's had an unmitigated run. capacity's constrained, prices going up, 95% of capacity. that is like -- you can put the price increase after price increase, that says the economy is much stronger than expected. this is the first commodity to raise prices big when things get better. they're raising prices consistently. very bullish. >> that is a great, great tell. still more to come this morning. get ready for an ipo hat trick, sunco energy partners, norwegian cruise lines, all making their debuts this morning. stick around to see how they open for trading. the opening bell is just a few minutes away. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ indistinct shouting ] [ male announcer ] t
now our economy is growing and our businesses are creating new jobs. we are poised for a good year. if we make smart decisions and sound investments. as long as washington politics and do not get in the way of america's progress. as i sat on the campaign, one component to growing our economy is shrinking our deficit and a balanced and responsible way. for nearly two years now, i have been fighting for such a plan. one that would reduce our deficit by four trillion dollars over the next decade which would stabilize our debt and our deficit and sustain us for the next decade. that would be enough not only to stop the growth of our debt and the size of our economy and make it manageable. education and job training in science and research and all of those things that help us grow. step-by-step, we have made progress towards that goal. over the past few years and signed into law 1.4 trillion dollars in spending cuts. two weeks ago i signed into law more than $600 billion in revenue by making sure the wealthiest americans began to pay their fair share. when you add the money that we will
spend on everything from education to public safety less as a share of the economy that has been true for a generation. that is not a recipe for growth. we have to do more to stabilize the finances over the medium and long-term, and also spur more growth in the short term. i have said i am hoping to making modest adjustments to programs like medicare to protect them for future generations. i also said we need more revenue for tax reform by closing loopholes for the wealthiest americans. if we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a
tomorrow? >> there's atmospheric differences. we had an economy collapsing all around us and he was a first term president and still putting together his team and agenda and cabinet and still the economy is too weak but recovering and the question is right now building on that as opposed to simply trying to stem the bleeding. there's a big difference and i think the experience of the office, as you know, you know, that helps a lot and so i think he does have even more sure-footedness in his approach. >> it can become a bit of a burden. historians write about the second term curse and i know you and your team spent a lot of time studying how to avoid that. what's the key? >> well, i think, listen, if you look at president clinton's second term, he made significant progress on balanced budgets and ronald reagan accomplished tax reforms. >> even if they're dealing with other problems. >> and we have been fortunate to be scandal-free and we want to continue that, but if you look, it's not like we're roaming around the west wing looking for things to do. right now in front of congress and the co
for new jobs, new opportunity and new security for the middle class. now, right now our economy is growing and our businesses are creating new jobs. so we are poised for a good year. if we make smart decisions and sound investments. and as long as washington politics don't get in the way of america's progress. as i said on the campaign, one component to growing our economy and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make people and education and jobs and science research. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i sign
the gulf we recognize that healthy echo systems also can mean healthy economies. and from louisiana what we have taken, what we believe is a very good first effort in addressing both the vulnerability that exist with the state's master plan has which is is a long-term plan addressing the ecological but reducing the risk across the coast. we believe we can achieve a 100-year protection for the community it's the resources that important. the ecological resource that's state provides and the gulf provides to the nation that if it's going to be afforded through the nation it has to provide protection to those communities who provide that. we believe that this plan we can have sustainable long-term healthy echo systems but also healthy communities and economies. there's an essence a form of what we call social engineering. if you can't ensure the communities, the supermarkets, the schools the things that community depend on, they will not survive. we want to make sure that we're developing both a healthy echo logical system but -- we have gone a long way in first attempt. it's not perfect. we h
for our economy. so important for our public safety. so important for emergency response as we witnessed here in the northeast of the country. and so, while the fight was long and at times, unnecessary, at least the vote was taken today and we move forward. mr. garamendi: thank you, mr. tonko. the bill now is out of this house. it's already in the senate. we expect the senate to pass it probably tomorrow or the next day. certainly before the inaugural on monday and then the president will sign it shortly thereafter. bringing that kind of relief. you mentioned the jobs issue and people need to go to work. when we have these natural disasters and we come forward with the kind of support that we have seen today and will soon be available for new jersey, new york, connecticut and the surrounding areas, people go back to work. those people that have received immediate fema support for housing, for clothing, for food, that money is immediately spent into the economy. on the infrastructure side, it's crucial when the subways of lower manhattan flooded, the world's financial institution took a w
the private and the public economy, balance between the cost and hoped for advantages, balance between the clearly necessary and the comfortably desireable, balance between our essential requirements as a nation and the duties imposed by the nation upon the individual, balance between actions of the moment and the national welfare of the future. good judgment seeks balance in progress, lack of it eventually finds imbalance and frustration. >> words of president eisenhower 52 years ago. are those words relevant today as he talked about what government can and cannot do in solving problems. that speech is still available online. and pointing out those remarks giving the country a dire warning about what he described as a threat to democratic government. he also used the phrase military industrial complex. since then that has become a rallying cry of opponents for expansion. in an effort to control the expansion of the military industrial complex the president sought to cut the pentagon's budget. he wanted a budget he said the country could afford. share your thoughts about the role you t
these states have the same epiphany or the same realization that there's only way to get the local economies going and that would be to change their taxes? >> well, i would tell you, charles, we have all looked at the economy that we're competing in, which is worldwide, and we know we need to be more tax competitive. i want to create more jobs in this state, our state, for citizens and higher paying jobs and the way to do that is to have lower income tax rates and corporate rates and in our particular case, i'm proposing the complete elimination of the income tax and the corporate tax rate. we do that by repealing some of the sales tax exemptions that we've granted over the years, we need a modern, simpler and fairer tax code. charles: i'm going to get to the fair issue in a moment, governor. but the basic premise that somehow this will spark the economy, obviously everyone doesn't believe that or that would be the program now. why would someone in your state who is worried about this, how do you convince him that this will indeed help the overall economy? >> well, i'm going to talk to him a
, growthing -- growing faster than the economy. we have to fix the social security system making promises that are bigger than which we can pay out down the road. .. but he recognizes the threat it putouts there in the economy in that you can't possibly imagine the real growth coming without a sense of stability. the with coming from knowing what these changes will be so you could have planning investments, job creation, all the necessary pieces of moving the economy forward. the big wild card is when people are going to make these tough choices instead of using them to fight in the normal political boxes. what is going to happen next? it's on a different path than i would have thought. if you think about the prospect theory which basically says when you're delivering good news you want to do it in lots of little pieces if they got a promotion than you want to tell them they got a raise and then tell them they got a bigger office. each piece of big news is good and makes people happier. if you were doing bad use and waiting for an airline that is going to be delayed. i think it really app
of its politics and economics and society, mexico has the 13th largest economy in the world today. $1.16 trillion. the oecd predicts in 2042, when regeneration, mexico will have his archer economy than germany's. this is not me. this is the oecd project enough things being equal. therefore notwithstanding the inequality that exists in mexico that has to be dealt with and will be dealt with over time, the fact of the matter is that texaco socially is becoming more and more middle-class society and that is reflect to and every one of the usual measures. demographically, lifestyle, in terms of fertility rate, number of students in university, quality of the housing. all of these trends have brought mexico to the point where it is becoming predominately of middle-class society and will continue to move in that direction. and third, mexico lyrically speaking is a functioning democracy. not perfect, nor is our democracy perfect. but when you look at their electoral system, if you look at the way in which freedom of the press has been moved into mexico with passion, he began to see the devel
, right? >> if the government want to have a fiscal situation that can support the economy we have to address the growing expense of entitlements that constitutes more than 40% of government spending. there really isn't any alternative. >> neil: what happens when you hear leave entitlements alone and rely on revenues because there are a lot more revenues to be had with than spending cuts to be gained? >> i just can't understand that argument. americans put these in place to support americans in the later stages of our lives. the good news the later stages of our lives now come later because we're living longer and healthier lives. why would we think that these programs should be left untouched when the very circumstances that gave rise to them in the first place have changed for the better? we ought to see it as an opportunity and not dwell on some unfortunate thing. >> neil: part of your thinking, when people hear -- oh, my gosh, gary and his group want to raise the retirement age to 70. you are not advocating, but people 55 and older are sticking by the same rules. the younger ph
attached to it. >> heather: let's talk about the economy. the president starts his new term. less than 1% rate it as excellent. 9% say it's good shape. that is up a touch from his first inauguration but 91% of voters say economic conditions negatively today. why are we here again? >> you have to wonder. i point you back to november the conditions haven't changed all that much in two months. i would imagine that those exact numbers were the same on election day, and the american people not only re-elected the president but gave us the same senate in the house as we had before. so as much as they are saying economy isn't going well, when they had an opportunity to change things they voted for more of the same. >> heather: you mentioned congress, finally two polls dealing with that. first since president obama was re-elected, 30% think he has been more bipartisan in working with congressional republicans, 55% the majority says he has been more confrontational? >> i think some of the number for confrontational they are saying that as a positive. certainly democrats want him to be more confro
that are putting a stranglehold on the economy. it represents something more. it's the time of year that we have all waited for. when we sit on the edge of our seats for four quarters. it represents players reaching a childhood dream. the biggest stage there is in sports. a time when legacies are made. where a magical play can happen every snap, and you remember exactly where you were when it does. watch every moment of super bowl xlvii live on nfl mobile. bringing the big game to you when every play matters... verizon. call star-star nfl to download nfl mobile from verizon. you know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may wor
will be the gdp numbers. and that's when we find out what kind of economy we've got in the fourth quarter of last year. that will point towards how we're going to do in 2013. i suspect that that could move the market. all right. the bell is ringing, and as you know by now, if you're a regular "varney & company" viewer when the bell stops ringing, they start trading and we're expecting, what are we expecting? we're looking for a pretty flat market and i hate to keep saying this, but a pretty flat market. the dow closed yesterday around 13,500 and we're opening down 3 points at 13504. the opening trend is down. i looked at the futures and you can expect maybe a 40 or 50 point loss in the early going. no big negative that's out there, just a general drift away from 13-5 on the dow. we are in fact, just a couple of hours away from facebook's big announcement. that comes at one o'clock eastern. so, nicole, i am told that the big news could be a new search engine, could be. i'm not going to speculate on that, but i want to know where the stock opens this morning. >> that would be very big news and the
of these moments where the world economies are going to be better. i say that because it is the same batehavior i've seen over d over and over again. they are days to buy, not sell. in order to get into this bull market, here is the bottom line, i think this market is simply taking a snooze after a big bull run. but wakes itself up perhaps with my clock and if history serves me right, they go higher not lower and it is turned out that their evaluations ended up being catalysts galore. bob in florida, bob >> it is fwrat to tais great to. south florida by way of teaneck, new jersey. i'm calling about krispy kreme donuts. i sold it and forgot about it and now it seems like they reinvented themselves. the stock is up 70% since mid november and still trading. even talk about take over. >> i believe there is a turn going on. it has been ages since i looked at it. the last time i looked at it i chipped my tooth. i will do more work on it and see where this one can stop. nobody does know. robert in massachusetts, robert. >> booyah jim, hail from massachusetts. >> fantastic. >> there you go pats i don't k
or markets could go haywire causing a self-inflicted wound to the economy. is he exaggerating? what's the take on the remarks in reaction how the debt ceiling sorts itself out? >> i don't think he's exaggerating at all. we have these debates every year right now, and we have the better part of the last 20 years, but it seems like when it comes to the wire, we always find a way to raise the debt ceiling, get washington back to work again, and that is our expectation. the difficulty is that the uncertainty in washington is freezing the treasury mark and investors. >> okay. back to ben bernanke, commenting this afternoon, if he reassures wall street he plans to continue the bond buying for as long as it needs to happen to get unemployment back, to get the economy growing. do you think that will keep rates depressed or signals, yeah, you know, we don't need to continue with this as long as we had initially planned to. do you expect a sharp, a rise in rates in take it from there. curious to where you think rates are headed. >> lori, between now and the date of sequesteringen on march 1st
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president obama took office four years ago, the economy was getting smaller. now it is growing. nbc's first read team tries to answer the question -- are we better off now than we were four years ago? they answer it with numbers and not just, you know, gut reaction to things. the numbers. >>> and happy birthday to the first lady and that by the way is just one of the things we thought you should know. hey sis, it's so great to see you. you, too! oh, cloudy glasses. you didn't have to come over! actually, honey, i think i did... oh? you did? whoa, ladies, easy. hi. cascade kitchen counselor. we can help avoid this with cascade complete pacs. see, over time, cascade complete pacs fight film buildup two times better than finish quantum. to help leave glasses sparkling shiny! too bad it doesn't work on windows. okay, i'm outta here. cascade. the clear choice. >>> welcome back. as we gear up for the president's second inauguration, are we better off than we were four years ago? the answer depends on the stats you pick. there are plenty of numbers suggesting that the country is on more solid foot
. i wouldn't put any jeopardizing of the economy there. shows that it is a very rational, put us on a better path and i would think all the american public could support it in the senate as well. >> the house is also suggesting a policy of no budget, no pay. if lawmakers fail to do their job, the american people shouldn't pay them. bill? >> bill: what do democrats say about all of this, mike? >> they seemed to welcome the idea, the republicans sound willing to extend the debt ceiling. a spokesman for majority leader harry reid says if the house can pass a clean debt ceiling increase to avoid default and allow the white house to to meet its existing obligations we will be happy to consider it. they don't want the drama. >> debt ceiling in a manner that causes no concern to the economy and to global markets, that does not in any way suggest that washington is about to, you know, engage in another process that results in a self-inflicted wound to the economy. >> this afternoon, carney calls on congress to pass an extension of the borrowing limit without delay. bill? >> bill: get rea
the american economy. the financial well-being of the american people is not leverage to be used. martha: hmmm. there you go. iowa republican congressman steve king joins me now. so those are your two options. you can either crash the american economy or you can raise the debt limit or refuse to raise the debt limit. what do you pick, congressman king? >> isn't that masterful political rhetoric coming from the president? if you listen to him talk, there is a little pause in his selection of words there, you it is choreographed and carefully chosen but the american people will be able to see through this i believe. the first problem we need to deal with, martha, the misuse of the term default that emerged in the last debt ceiling crisis in august of 2011 when used on both sides of the aisle, when we reach the point the united states didn't have anymore borrowing authority that automatically meant default. it doesn't. that was a false definition then. it is a false definition now. we have enough money to operate essential components of this government that we can go on for a very long time. this
and maybe win some election. and two, perhaps pushing wound after wound on the economy is really not what folks sent us here to do. >> and ryan, the funny thing about this, this can end up being perceived as some sort of republican cave when they never should have taken a party position against raising the debt ceiling in the first place. so that doing the rational thing could actually simply look rational when they chose to do it. >> right, exactly. they -- if they had never made a big deal about this to begin with then they wouldn't be in this situation. now, obama kind of aided and abetted them because he wanted it to be the debt ceiling leverage that he kind of wanted this grand bargain in 2011. that never happened. since then, he has been consistent saying i am not going to mess around with the debt ceiling anymore. and good for him on that, you're right. as newt gingrich said, wisely and moderately and reasonably, he said don't pick this fight because you're going to lose it. don't create a national crisis around this that will only wind up with you caving. so just do it quietly, ea
, for our economy cannot be overstated. the sovereign debt of the united states, for it to be questions that we would pay our bills or not, is not a scenario that we want to go through as a country. that would really harm us. that said, as i was coming back on the train from new york, i shared this with those with me. i said you're going down this track at 130 miles an hour. what would cause the conductor, knowing that if he veers off on this next rail to the right and pulled the switch that would cause that to happen, even if he knew it would put the train at severe risk by veering off to the right, what would be the only reason a person would go off that course rather than go straight? and the reason is that there's a larger cavern, kind of a grand canyon that we are about to go off. here's what i have concluded as a businessman and a seasoned public servant. the music will stop at some point with respect to where we are. when we are pouring $1 trillion a year, 40 cents on the dollar, you cannot do that into perpetuity. the time for leadership is right now. the time to address this is
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